Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,277/mo
Lowest payment- Down payment
- $186,804
- Funds due
- $196,572
- Interest + MI left
- $42,690
- First ends
- Feb 2043
Assumption
Assumption + second
$2,400/mo
+$1,123/mo- Down payment
- $33,804
- Funds due
- $44,856
- Interest + MI left
- $293,848
- First ends
- Feb 2043
New loan
New conventional
$2,434/mo
+$1,157/mo- Down payment
- $33,804
- Funds due
- $41,772
- Interest + MI left
- $449,142
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,196 | $143,196 | $296,196 |
| Second mortgage | — | $153,000 | — |
| First P&I | $953.26 | $953.26 | $2,050.80 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $59.24 |
| Taxes, insurance & HOA | $323.75 | $323.75 | $323.75 |
| Total housing payment | $1,277.01 | $2,399.67 | $2,433.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,804
Closing costs & prepaids$11,052
Usable credit−$0
Total buyer cash needed$44,856
Earnest money paid−$0
Remaining funds due$44,856
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$715.98
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$521.25
Prepaid interest, first (1 days)$13.14
Prepaid interest, second (1 days)$33.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing16 yr 3 moOf the original 30-year loan at 3.350%
Interest already paid$84,185Through Nov 2026
Assumption only · ends Feb 2043$42,690
Assumption + second · ends Feb 2043, second Dec 2056$293,848
New conventional · ends Dec 2056$449,142